Assurance mapping and ethical risks

In this lesson

1. 0:00 Risk register fundamentals and structure
2. 2:04 Three lines of defence explained
3. 4:00 Risk register as operational document
4. 5:01 Ethical and social dimensions of risk
5. 6:00 Framework for resolving ethical issues
6. 8:22 Reputation risk and organisational impact
7. 9:16 Risk management process summary

About this lesson

You'll also explore how to identify and work through ethical issues in risk management contexts, using a structured approach that considers stakeholder perspectives and consequences. This is essential knowledge for exam questions on risk governance and ethical decision-making, particularly in papers like P1 Risk Management and SBL Strategic Business Leader. Assurance mapping shows where your organisation gets comfort that risks are adequately controlled. The three lines of defence—internal controls, quality inspections, and internal audit—create layers of protection so problems are caught early. This framework helps you understand why relying solely on external auditors or regulators signals a failed process; the real work happens internally through these three defence mechanisms. When tackling ethical issues in risk management, follow a structured process: identify the key facts carefully (exam scenarios often use vague language like "it would appear"), determine the ethical concern, explore alternative courses of action and their consequences from multiple stakeholder perspectives, then make your recommendation if asked. Remember that unethical behaviour creates significant reputational risk, which directly impacts organisational performance. Whether you're answering a question asking you to explore ethics or make a recommendation, grounding your response in stakeholder impact and business consequences will strengthen your answer.

Duration: 13m